• The advantages of a private loan consolidation are: • Lowers fixed rates and longer deferment time periods • Single easy monthly payments rather than multiple payments • Collateral not needed loan given against previous history • No penalties on pre-payment
The advantages of loan consolidation cumulatively are more since multiple loans are easily consolidated into a single loan. A fixed interest rate then helps lower the monthly payments compared to a variable rate loan. Homeowners are allowed to retain the equity on their homes without taking out additional mortgages to repay previous debts.
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